v3.26.1
Going Concern
12 Months Ended
Dec. 31, 2025
Going Concern [Abstract]  
GOING CONCERN

Note 3 GOING CONCERN

 

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. Since inception, the Company has incurred recurring operating losses and negative cash flows from operations. For the year ended December 31, 2025, the Company reported a net loss of $6,001,137 and used cash in operations of $8,925,777. As of December 31, 2025, the Company had an accumulated deficit of $10,393,061, cash and cash equivalents of $1,636,655, and working capital of $3,277,403. The measurement of working capital for The Company excludes the fair value of aggregate digital assets, primarily consisting of Bitcoin, and is not subject to liquidity and volatility risks consistent with cryptocurrency with regards to working capital. The Company has not generated revenue from its biopharmaceutical operations and expects significant manufacturing costs in association with continued development of the BioBusiness’ lead asset, Apitox, to be incurred in the first quarter and onward into 2026. The Company does receive proceeds in the form of USDT from the sale of NILA tokens, which are used, in part, to satisfy select operating expenses directly related to the digital asset segment of the business. However, these proceeds are not sufficient to sustain the Company’s operations for the twelve months following issuance of these financial statements. In addition, proceeds from the PIPE convertible note offering have been dispersed with allocation described within (see note 7). These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans to mitigate these conditions include: (i) continuing sales of NILA Tokens for USDT to ensure immediate liquidity to digital asset operations (ii) pursuing access to future PIPE convertible note proceeds; (iii) seeking additional equity or debt financing; and (iv) implementing cost reduction measures. There can be no assurance that the Company will be successful in implementing these plans. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.